Life Insurance Needs Calculator - CoverMyNiche

Life Insurance Needs Calculator

Calculate exactly how much life insurance coverage you need with our comprehensive needs analysis tool. This professional calculator uses the industry-standard method to provide you with an accurate estimate.

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Step 1: Immediate Financial Obligations

Outstanding Mortgage Balance ($):

Credit Cards & Personal Loans ($):

Auto Loans & Other Debts ($):

Final Expenses - Funeral, Medical, Legal ($):

Step 2: Income Replacement Needs

Your Current Annual Income ($):

Number of Years Needed to Replace Income:

Percentage of Your Income Needed (%):

Spouse's Current Annual Income ($):

Step 3: Future Financial Goals

Children's Education Costs ($):

Emergency Fund for Family - 6-12 months expenses ($):

Other Special Needs or Goals ($):

Step 4: Existing Financial Resources

Current Life Insurance - employer + personal ($):

Savings & Investment Accounts ($):

Retirement Account - 401k, IRA, etc. ($):

Other Assets Available to Family ($):

How to Calculate Your Need:

Add: Step 1 + Step 2 + Step 3 = Total Needs

Subtract: Total Needs - Step 4 = Your Life Insurance Need

Use a calculator or spreadsheet to add up each step, then subtract your existing resources to find your additional life insurance need.